More gas to refill storage, rebalance market Some funds could be under pressure NYMEX front-month natural gas futures got walloped on June 14 following news from the operator that the Freeport LNG export terminal will likely not fully return to service until late 2022, with partial service possible in about 90 days. The July 2022 contract sold off to an intraday low of $7.008/MMBtu before prices rebounded slightly to close at $7.189/MMBtu, down a substantial $1.42/MMBtu (16.5%) on the day. Compared to just a week ago, when NYMEX front-month gas futures reached a new 2022 high of $9.664/MMBtu, prices are down a whopping 26%. Storage reset The Freeport LNG outage jumped from an estimated three-week event to a minimum three-month event virtually overnight, changing the outlook for gas storage and supply/demand. With Freeport potentially […]